What is Shiba Inu Coin?

Remember the Shiba Inu meme Doge that took the internet by storm? I remember sending countless Doge memes to my friends back in the day. Who knew they’d name a cryptocurrency after this meme? 

That’s what I’ll discuss in this tutorial today!

The Shiba Inu coin is an Ethereum-based cryptocurrency that features an adorable dog just like the Doge. Although initially made to be a joke based on Dogecoin, the Shiba Inu token has gained a strong following and some interesting use cases. 

Now, financially speaking, does this make sense to invest in Shiba Inu? Let’s take a closer look at the SHIB world and find out what lies ahead. 

What is the Shiba Inu Coin?

Source: Investopedia

The Doge meme featuring the wide-eyed Shiba Inu puppy sure is no wthe mascot of a cryptocurrency i.e. the Shiba Inu coin (SHIB). It sure has come a long way!

It all started in 2020 when an anonymous person (or group) named Ryoshi started SHIB to take advantage of the Dogecoin craze. Dubbed the "Dogecoin Killer" by its fans (who call themselves the SHIBArmy), the Shiba Inu coin quickly gained traction in the meme-hungry side of cryptocurrency.

But unlike Dogecoin, which started as a joke and seems to have stayed that way, the Shiba Inu coin is trying to build a more uniform ecosystem. It has its decentralized exchange called ShibaSwap, where you can trade SHIB for other cryptocurrencies. 

Currently, it is being updated, and new features for the NFT art incubator are being introduced. The plan is to make SHIB more profitable beyond the meme scene. If you’re keen on taking this up as a career, consider browsing through some cryptocurrency courses to get started.

Significance of the Dog Logo

Source: Daily Coin

Past the initial "aww" component, there's a surprising quantity of ideas put into this bushy mascot. After I first heard about SHIB, the connection to Dogecoin with its whole Shiba Inu meme became clear. 

The logo right away places SHIB in that playful meme coin category. But,  it is greater than only a meme copycat. Dogs are universally loved. 

By using a similar mascot, SHIB immediately connects with the existing Dogecoin fanbase, grabbing their attention. It's like a two-pronged approach—a playful nod to Dogecoin and a way to make SHIB more appealing to new investors.

Shiba Inu Coin Value

Source: Coin Desk 

Similar to Bitcoin and other cryptocurrencies, SHIB's worth depends on supply and demand. While there are a lot of SHIB tokens available, sudden interest or investment can drive up its value. 

However, like all cryptocurrencies, SHIB's price is subject to market fluctuations..

But the laws of demand and supply lie here too. If, all of a sudden, people decide to invest solely in SHIB, the value may go up. Similarly, negative news or a general downturn in the cryptocurrency market can cause its value to drop

Then, there is the marketplace aspect of the value.

The international cryptocurrency can be a chunk of a rollercoaster, and SHIB's price dribbles alongside the ride. Scary headlines or a widespread crypto droop could make it plummet.

Historical Shiba Inu Crypto Price 

Here is a summary of the historical cost of Shiba Inu coin (SHIB).

Alt text: A coin chart on Shiba Inu coin showing data from 2022 to 2024

Source: Primexbt 

Total Trend: The cost history of SHIB is relatively young, having begun in August 2020. It is characterized by a high level of volatility —short bursts of growth followed by decreases.

• Launch (August 2020): SHIB started at an extremely low price. Some estimates put it at around $0.00000000001 (that’s ten zeroes after the decimal point!). 
• Early 2021: Throughout most of 2021, prices remained very affordable. 
• Late 2021 peak: Towards the end of 2021, there was a massive spike in SHIB prices hitting an all-time high at $0.00008616 on October 28th, 2021. This was probably due to the general cryptocurrency boom and excitement around meme coins like Dogecoin.
• Post-surge volatility: Since topping out in late 2021, the price of SHIB has been all over the place. 
  

Use Cases of SHIB

While the Shiba Inu coin (SHIB) commenced as a meme coin, its builders were constructing bridges closer to international rates. Here's how SHIB has expanded beyond its playful origins:

• ShibaSwap: This is a decentralized exchange (DEX) constructed for SHIB and different tokens. This is the quintessential marketplace where you could swap SHIB for other cryptocurrencies.
• NFT Integration: SHIB's integration with NFTs may open doors for purchasing, buying, and selling these digital collectibles using SHIB. What’s more, recently, SHIB has come up with its own NFT through Ethereum, namely SHEBosis.
  

More On Shiba Inu coin: Tokenomics

Shiba Inu coin (SHIB) flips the script on conventional crypto. Unlike scarce Bitcoins, SHIB boasts a huge supply, making individual tokens less valuable.

But fear not, SHIB burns a few tokens to boost the cost of the rest. It is essentially a bonfire where burning a few tokens makes the last ones a chunk extra worthy and potentially more treasured. 

In its form, it is a gamble, but with a network-targeted technique, SHIB's tokenomics offer a chance for a substantial future boom.

Lagging in crypto economics? Check out the beginner’s guide on cryptocurrency put together by upGrad.

How Shiba Inu is Different From Other Coins

The SHIBA Inu coin can be a delight for first-timers. Here’s my take on its uniqueness.

• Origin of meme coins: SHIB was not made to disrupt any financial system. Rather, it was born as a fun-loving pet in the world of crypto dogs (akin to Dogecoin). This humorous start gives SHIB an unusual feel. 
• Amount supplied: There are numerous SHIB tokens, whereas Bitcoins have few. This fact may water down their value individually. The flip side? Everyone can afford some more SHIBs. 
• Use cases changing over time: Even though SHIB started just being a joke, among other things, developers have turned it into more by introducing tools such as DEX (ShibaSwap). The possibility of future NFT integration shows that we might be looking at something beyond online memes soon enough.
• Community strength (SHIBArmy): What drives SHIB is an enthusiastic social media-based group. And if you’ve read enough cryptocurrency blogs or been in the circle, you will realize that the case is the opposite. Most cryptosystems do not even mention the word ‘community’ anywhere in their networks.
  

Should You Invest Shiba Inu coins? 

The Shiba Inu news today may not be the most flattering. But it is here to stay. Not sure whether to put your best bet into Shiba? Here’s your Bible.

Pros

• Potential for high growth with big gains and small investments
• Strong community (SHIBArmy) backing the coin
• Metamorphoses from a meme to an actual coin and eventual NFT
• Affordable for novice crypto investors with low barriers and entry

Cons

• Wild and unpredictable chances a pattern of price swings
• Less chances of surviving the meme craze
• Lots of tokens equating to lower individual value
• Uncertainty in terms of future usability
  

Where Can One Buy Shiba Inu coins?

Several cryptocurrency exchanges allow you to buy Shiba Inu coins (SHIB). Here are a few popular options, but keep in mind that availability can vary depending on your location:

• Centralized Exchanges (CEXs): These are platforms where you can buy and sell cryptocurrencies using traditional payment methods like debit or credit cards. 

Some popular CEXs that offer SHIB include Binance, Coinbase (SHIB trading might be limited depending on your location), Crypto.com, and Kraken.

• Decentralized Exchanges (DEXs): These are peer-to-peer marketplaces where you can trade cryptocurrencies directly with other users without a central authority. UniSwap and SushiSwap are a few DEXs that might offer SHIB.
  

Technical Analysis of Shiba Inu Coin

Given the current state of never-ending memes on Shiba Inu, as has been since the initiation, it’s a good choice to keep track of things. Here are my thoughts for a well-informed investment:

• Track SHIB’s price history to identify periods of volatility and potential correlations with broader market movements.
• Explore various indicators, such as RSI or MACD, that can help you determine when to buy or sell SHIB. But always remember these are not foolproof methods, but they can provide useful information.
• By looking at historical prices, you can find out where SHIB has rebounded in the past (support) and where it met selling pressure (resistance). This should give you an idea of what may happen next.
• Pay attention to SHIB’s trading volume. Usually, a rise in volume shows that more people are interested in it, and this may push its price up, while low volume might mean the opposite.
  

Final thoughts

So, where does that leave the Shiba Inu coin? The future stays unsure, much like the strange international value of cryptocurrency itself. Shiba Inu boasts a passionate network and an area within the evolving Shiba Inu environment, but its charge hinges on factors past its control. Ultimately, your decision to spend money on Shiba Inu coin is yours. Keep note of the Shiba Inu price chart.

upGrad, a leading platform in this regard, offers courses on blockchain generation and cryptocurrency basics. These guides can equip you with the expertise to make well-thought-out decisions about your crypto investments and whether or not Shiba Inu merits a spot in your portfolio.

Frequently Asked Questions

1. What blockchain is Shiba Inu on?

Shiba Inu coin operates on the Ethereum blockchain, using its security and features. This makes it an ERC-20 token which is a standard for tokens on Ethereum.

2. Is SHIB an Ethereum token?

SHIB is specifically an Ethereum token. It is built on the Ethereum network and takes advantage of the existing infrastructure and developer community.

3. What network is Shiba Inu?

The Shiba Inu coin is available on the Ethereum network and can be accessed directly via the centralized and decentralized platforms.

4. Will Shiba Inu reach 1 rupee?

It's impossible to say for certain, but the future value of the Shiba Inu coin price in INR may depend on various factors. These may be adoption, burns (removing tokens from circulation), and overall market trends.

5. Will SHIB reach $1?

The Shiba Inu coin price can reach $1 but with a significant increase in the coin's value. While not impossible, it's a very ambitious target and may require time and an abundance of resources.

6. Which crypto will boom in 2024?

While some analysts expect positive cryptocurrencies to surge, the reality is the market is quite unstable. For this reason, predicting a booming crypto calls for a crystal ball arrangement.

7. What will Shiba Inu be worth in 2040?

The future of Shiba Inu coin, like many other cryptocurrencies, is shrouded in thriller.  The market is young and constantly making lengthy-time period predictions distinctly hard. Many factors like future tech and the economy play a function in Shiba Inu's fee in 2040.

8. Will Shiba Inu ever reach $1 dollar?

The Shiba Inu coin price has potential to reach $1 with significant market demand.

9. Is Shiba Inu on Ethereum network?

Shiba Inu (SHIB) operates within the Ethereum network and adheres to the ERC-20 token standard.